BP To Pay $303M To Settle Price Manipulation Claims

Law360, New York (October 23, 2007, 12:00 AM EDT) -- British Energy company BP PLC has reportedly agreed to pay $303 million to put to rest allegations that it manipulated U.S. propane prices three years ago.

The official settlement will be announced Thursday by the Commodity Futures Trading Commission and the U.S. Department of Justice, according to the Wall Street Journal. The DOJ will also announce another civil case being filed against a trader at BP for alleged wrongdoing in the unleaded gasoline market, the WSJ said, citing unnamed sources.

Those unnamed sources also told the...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.